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The 500 Club: Altcoins From the Depths

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The market cap top-100 gets all the attention, but for every EOS or Ripple that gets mentioned on a daily basis, there are a hundred other altcoins that fail to make the RSS feeds.

Today we’re going to shine the spotlight on a few altcoins that find themselves hovering around the 500-599 spots in terms of market cap rankings – for good or bad.

Some are languishing there, waiting to slip ever lower. While others are merely passing through, en route to the greener pastures of the upper ranks.

We’ve picked a bunch of them out at random and given them the attention they may have been lacking. Some of them tell a story of tragedy, while others still retain some hope of climbing out of their current rut and making it to the big time. In no particular order, here’s a selection of members from the 500 club.

ConnectJob (CJT) – #552

ConnectJob is a blockchain-powered mobile app which acts as a kind of AirBnB for freelance workers. Workers and employers can connect with each other via direct messaging, and use CJT tokens to conduct transactions and deliver payments.

The decentralized marketplace format is one that we’ve seen pop up all over the place recently; with firms launching platforms to connect couriers (DAV Network), portfolio traders and managers (ICONOMI), and even waste processing crews (SwachhCoin).

Likewise, the freelance job marketplace idea has already been picked up by several firms, including another from the 500 club that’s also included in this list.

Market cap statistics only became available for ConnectJob in May, and a sudden peak to a recent high of $0.105 was followed by a month of gradual decline which saw it sink to $0.05 by May 30th.

Since then, however, CJT’s fortunes have started to look up. Steady upwards movement since the dip of May has left CJT trading at $0.0631 at the time of writing, and it has recorded a 5% growth in the last 24 hours.

The ConnectJob app is already available for download via Google and Apple app stores. With a working product already in place, it would seem the only thing left for ConnectJob would be to focus on marketing and adoption. Maybe then we’ll see CJT push up the rankings.

Hackspace Captial (HAC) – #551

Hackspace Capital is a young startup which seeks to establish itself as a provider of co-working spaces for disparate businesses and industries across the globe.

With several hubs already set up in Europe and Russia, Hackspace Capital comes with a real-world use case and an established foundation of users.

Perhaps that’s why HAC tokens have jumped 134% in value over the last 24 hours, with near 200% growth being shown over the last few days, which possibly signals organic growth as opposed to merely hectic market behaviour.

Hackspace has shown a downward trend ever since February, but has started to lean back and aim itself upwards in the past week or so.

This could be one to watch, as the company set up new physical hubs across multiple continents.

Stealth (XST) – #548

Stealth looks to take its place among the long list of privacy coins which have gained prominence in recent years, and utilizes the Tor Network for increased anonymity.

The team say their platform’s use of Quantum Proof of Stake (QPoS) and Tor is a first of its kind hybrid in the crypto world. Stealth also comes with its own dedicated browser for Windows and OSX.

With these kind of features to its name, it begs the question as to why Stealth isn’t ranked higher than it is.

Well, the Twitter page for the project has a fairly respectable 12,000 followers. However their Telegram channel only has 132 members, and looking around online it seems that the Stealth project suffers from the lack of a marketing budget.

This tends to be the case for many coins outside of the top 100, but it leaves the door open for potential growth in the future, as many development teams focus on the code first and the marketing second.

PinkCoin (PINK) – #549

PinkCoin is a charity/tipping coin, used in a similar way to Dogecoin. Both have been at the forefront of major fundraising drives, and both seek implementation as a direct and easy donation service free from centralized authorities.

PinCoin has been around since 2014, and their market cap activity for most of that period shows a flat, inactive line – with daily trade volumes landing at around $75 as late as 2016.

But everything changed for PinkCoin when 2017 came around, and a steady rise throughout the year resulted in a peak trading volume of $3 million on January 9th.

A slow decline set in following January’s crash, and PinkCoin has been sliding downwards ever since. However, PinkCoin’s tumultuous activity over the past year has ultimately been kind to it – its current price of $0.018 is still a near 3000% rise on its early 2017 levels of $0.0006.

PinkCoin has lost nearly 20% in the past 24 hours. Its trading volumes have been stuck in the five-figure range for a while now, and its future seems uncertain at this point.

CanYaCoin (CAN) – #595

CanYaCoin is the second platform in this list which aims to connect freelance workers directly with employers via their decentralized network.

CanYa comes in the form of a mobile app, and seeks to revolutionize the freelance employment industry.

Existing freelance employment platforms either charge exorbitant fees (Upwork), or have become so bloated and saturated that they’ve stopped accepting new members (Upwork again).

CanYaCoin looks to do for the freelancing industry what Uber did for the taxi industry – pick it up, give it a good shake, and then throw it away where it can’t harm anyone any longer.

Market cap rankings for CanYaCoin only began in late January, and its six month charts make for depressing viewing since then.

From a peak of $4.93 in early January, CanYaCoin has slid almost directly to a value of $0.14.

That’s a reduction in value of 97%.

Yet CanYa continue to push their project forward, and regardless of its market performance in the last six months, many freelancers are still hoping for big things from CanYa.

The freelance gig economy is on the rise worldwide, and most research suggests that over 50% of Americans and Europeans will be employed in the gig economy within the next 5 years; so CanYa could have a possibly huge market within which to ply its skills.

NapoleonX (NPX) – #537

Napoleon (NPX) is a crypto asset trading platform which uses AI trade bots to carry out daily sales and purchases.

The firm built their bots over a 10-year research and development drive, which benefited from the collective 50 year financial and banking experience of their team and advisors.

NapoleonX is currently pushing to win a European regulatory Asset Management License, and aims to become a reputable and trusted trading platform within the wild west of the crypto trading world.

NPX tokens peaked at $0.59 on April 24th, before dropping all the way to $0.25 on June 6th. A couple of days later and NPX tokens reached a value of $0.35 – a near 40% increase over 48 hours.

At the time of writing, NapoleonX is worth $0.30, and is showing a 24 hour trading volume of around $40,000.

NPX can be traded against BTC or ETH on the IDEX and IDAX exchanges.

Matryx (MTX) – #511

Matryx is a California-based blockchain startup which provides a 3D-Virtual Reality interface for design developers.

Users plug into the VR and start designing their chosen models in virtual space, with what the firm describe as ‘nanoscale’ precision. The Alpha release of the platform involves users taking part in design competitions in the hope of winning MTX tokens.

Some competition bounties are currently priced at 10,000 MTX – a dollar equivalent value of just under $4,000 based on the current MTX trading price of $0.38.

MTX is up 1.4% for the day at the time of writing, but has done nothing but sink since the recent high spot towards the end of April where it almost breached the $1 mark ($0.981).

If market readings are taken from March, however, we can see a net gain of 65% – even accounting for the disappointment of May. MTX tokens went from a price of $0.23 to $0.38 over that time, with peaks and troughs in between.

If the Matryx VR tools turn out to be as good as they’re claimed to be, then even a modest marketing push would see the firm increase upon its current twitter following of 2,000.

Right now Matryx is ranked at #511 on CoinMarketCap, but its $0.25 million trade volume for the day eclipses the #38 ranked Maker (MKR) token, which has logged just $95,000 in the last 24 hours.

Many of you will be familiar with these 500 club members, while for others this will be the first and last time you hear about these altcoins before they return to the obscurity from whence they came.

Ultimately, many of these could go either way, so don’t be surprised to see them out of the 500 club before long. Whether they move up or down in anybody’s guess.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 12 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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2 Comments

2 Comments

  1. Koingazer

    June 9, 2018 at 9:30 pm

    I really enjoyed this article and would like to thank you for shining a light on some coins currently in the back of the pack so to speak. I have gambled on these coins from time to time and have had both wins & losses but my wins outweigh my losses so I’m happy about that. Full disclosure here I have never or currently invested in any of these coins and only 2 of them have come across my radar. However going forward I will take a deeper look at these coins as I say to possibly take a gamble on. Thumbs up

  2. Greg Thomson

    June 9, 2018 at 9:56 pm

    Glad you enjoyed it, Koingazer. Keep an eye out for more articles we’ve got coming up on some of the lesser known altcoins.

    (Nor do I own any of these coins, they were picked purely according to my curiosity)

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Crypto Markets: Bloodied But Not Broken

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As legend has it, prize fighter Jake Lamotta returns to his corner at the end of round four of one of his early boxing matches with blood all over and his face was a mess.  Trying his best, his trainer tells Jake, you’re doing great kid, they haven’t laid a glove on you. To which Lamotta replies, well you better keep an eye on the referee because somebody is beating the crap out of me.

Lately, those of us who have a passion for the world of cryptocurrencies are feeling that somebody is beating the crap out of us. Trouble is, it is hard to figure out why.  Just as we are about to land a punch with the SEC declaring that bitcoin and Ethereum are not securities, ditto that for ICOs that do not convey an equity interest in the issuer, whamo prices drop to 2018 lows.  

The Other Side Of The Coin

We read of the recent hack of a tiny South Korean crypto exchange and pundits blame this for helping to push prices lower.  However, the market seemed to completely ignore this week’s progress in the Mt. Gox litigation. There is actually a decent prospect that investors that held $450 million in bitcoin at 2014 prices will be compensated in nitcoin.  If my arithmetic is working right, this is good news considering the 2014 Blbitcoin price was less than $2.00.

Institutionalizing Crypto

While most eyes last week were fixated on falling prices, exchange giant Coinbase let it be known that it was preparing a crypto custody service.  This may appear as a boring administrative step but that is hardly the case. This move is being heralded as the final step in opening crypto to institutional buyers.

Before Coinbase’s solution the problem has been that, despite the highly secure nature of bitcoin and other cryptocurrencies, the wallets where they are stored are a regular target for hackers.

For investors, making cryptos more accessible to institutional investors is every bit as important as adding retail merchants that accept crypto for goods and services.  

Finding Crypto Support From Unexpected Places

Last Friday various media outlets point out how The U.S. Supreme Court mentioned bitcoin and cryptocurrency while issuing a ruling on a seemingly unrelated case. Here is what the U.S. Supreme Court had to say on June 21st in the case of Wisconsin Central LTD v. United States:

“What we view as money has changed over time. Cowrie shells once were such a medium but no longer are, our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange, perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.”

In spite of the current oversupply of naysayers, the legacy of crypto is increasing daily. Now even the Federal Reserve Bank of St. Louis is collecting and publishing prices of bitcoin, bitcoin cash, Ethereum and Litecoin. A year ago at this time, such a notion would have been absurd.    

Suspension Of Efficient Market Thinking

For those who have been kind to follow these ramblings know that I am a big believer in the theory of efficient markets.  The key to this theory is that people have all the available information about a particular investment asset and act upon is rationally.  Of course, this is not to say that everybody reads the information in the same way. That is what makes for buyers and sellers.

Lately, there has been a complete suspension of an efficient market for crypto. All coins and tokens have been dumped without regard for fundamentally positive events, some of which we mentioned above.  Since the vast majority of crypto is owned by individuals, the wisdom of the crowd (or in this case mob) psychology prevails. The last time this was the case it was bitcoin alone that lost some 80% of it’s value starting late in 2013.  But that took more than a year to play out. Since the infamous $19,000+ peak, bitcoin has lost 68% so history is getting close to repeating itself.

It may also be a sign that a bottom in prices may be getting closer. The values are clearly there to be had. Now if only those of us who have a longer term view can find other who share a similar view.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 83 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Cryptocurrency Market Update: Correction Deepens as Coin Values Approach 2018 Lows

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The cryptocurrency market approached its lowest level of the year Saturday in a continuation of yesterday’s flash crash that wiped more than $30 billion off coin values.

Market Update

Cryptocurrencies saw their combined market capitalization plunge to a low of $250.6 billion late Friday, according to CoinMarketCap. With the decline, coin values came within $2 billion of their bear-market low for the year.

At the time of writing, the total market cap was $255.9 billion on trade volumes of nearly $14 billion.

It became apparent early Saturday that bitcoin and Ethereum had found support near their Friday swing lows. Both coins are down less than 1% compared to 24 hours earlier.

Bitcoin touched a new yearly low of $5,938 on Saturday but has since consolidated above $6,100 on major exchanges. The largest cryptocurrency by market cap suffered a major reversal on Friday after failing to breach the all-important $6,800 threshold. The coin quickly broke down below $6,500 and has since tested multiple new lows. In terms of immediate support, BTC/USD is now eyeing $5,850.

Ethereum prices bottomed at $450.34 on Saturday, their lowest since mid-April. Ether values were last seen hovering around $470.

Elsewhere in the top-ten, EOS was down another 5% compared to yesterday and was last seen trading at $8.33. The EOS network is battling through a PR nightmare amid multiple delays and controversies.

Bottoming Process Continues

There doesn’t appear to be an immediate catalyst for the latest selloff. As Hacked reported earlier, attributing the declines to the Bithumb hack is misguided given that the market quickly recovered from the negative headlines. (The initial decline was also limited.) Bithumb has already announced plans to compensate users affected by the $30 million heist. The exchange also disclosed that the theft accounted for no more than 6% of its proven reserves.

Cryptocurrencies remain trapped in a long-term bearish cycle that emerged early this year after markets reached their highest level on record. According to Bill Baruch, President of Blue Line Futures, the six-month correction represents a bottoming process that has yet to conclude.

In a recent interview with CNBC, Baruch said that repeated selloffs over the past four months have “wiped out most, if not all, of the over-enthusiasm” and FOMO speculators from the market. While initially bad from the perspective of prices, this means speculative positions are declining. Hacked first noted the decline in speculative positions more than three months ago following the April Fool’s Day selloff.

Analysts have noted that the recent six-month correction mirrors bitcoin’s 2014 retreat, which highlights the boom-and-bust nature of the digital asset class. Against this backdrop, bitcoin and its altcoin counterparts likely need to demonstrate several months of consolidation and stability before the bull market re-emerges.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 465 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Game (GTC) Gains 60% Yesterday and Loses It All Today

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This time yesterday the crypto market was nosediving, and as has become standard practice in such times, links to suicide prevention hotlines were posted on popular crypto forums.

But amid the flurry of red candles stood one proud green column; and a token which showed 60% gains while everything else sank.

GTC tokens started yesterday at a price of $0.125, and by the end of the day its value had surged to $0.20.

However, in the last 24 hours all of those gains have been wiped off the table, and Game.com has even been forced to pay interest on those gains as the token price has since sunk to $0.114 – a price even lower than it started at before the spike.

GTC had spent most of the month within the $0.09 – $0.13 range,

What the crypto market giveth, the crypto market taketh away – or at least that’s how it often seems to play out. The Game.com team may have been slightly too optimistic at this time yesterday, when they tweeted out the celebratory exclamation:

“GTC TO THE MOON CONFIRMED!!!”

Pump and Dump?

Looking at the shape of the GTC’s weekly graph, the natural assumption would be that it has been the victim of a pump and dump.

Game.com’s 24 hour trading volume increased by an astronomical 3500% – starting yesterday with a daily volume of around $2 million, before jumping to $72 million just a few hours ago. That volume has dropped back down to the $40 million range in the last four hours, and continues to fall.

Such movements are not uncommon among tokens lower down on the market cap Top-100. Indeed, Game.com finds itself positioned in 96th spot, with a valuation of $87 million, among other coins which have experienced unnatural market movements in recent weeks, such as Enigma, Funfair and Decentraland.

This time yesterday GTC had broken into the Top-70’s, but now faces the proposition of dropping out of the Top-100 entirely.

All Roads Lead to Tether

Nearly 60% of GTC’s total trades in the last day have come from Gate.io, where $30 million worth of trades were made against USDT. The second highest volume of trades also came against USDT on the OKEx exchange.

Only 14% of the total trades have come against BTC, while ETH trades only account for around 10% of the day’s volume.

Yesterday’s spike marks the highest market valuation reached by GTC since April 22nd, when the value of one token surged to a price of $0.45, which was even higher than the $0.35 valuation achieved during the spike of January.

Game.com aims to become a media hub for the gaming industry. The team’s annoucement states:

“Through the creation and integration of game content, we provide ready-to-go entertainment services and application environment to facilitate the rapid expansion and development of blockchain technology.”

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 12 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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